{"id":493606,"date":"2022-09-16T23:39:34","date_gmt":"2022-09-16T20:39:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-treasury-publishes-laundry-lists-of-crypto-risks-for-consumers-national-security\/"},"modified":"2022-09-16T23:39:34","modified_gmt":"2022-09-16T20:39:34","slug":"us-treasury-publishes-laundry-lists-of-crypto-risks-for-consumers-national-security","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-treasury-publishes-laundry-lists-of-crypto-risks-for-consumers-national-security\/","title":{"rendered":"# US Treasury publishes laundry lists of crypto risks for consumers, national security"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3430b14423d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3430b14423d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/us-treasury-publishes-laundry-lists-of-crypto-risks-for-consumers-national-security\/#%E2%80%9D_US_Treasury_publishes_laundry_lists_of_crypto_risks_for_consumers_national_security_%E2%80%9C\" >&#8221; US Treasury publishes laundry lists of crypto risks for consumers, national security  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_US_Treasury_publishes_laundry_lists_of_crypto_risks_for_consumers_national_security_%E2%80%9C\"><\/span>&#8221; US Treasury publishes laundry lists of crypto risks for consumers, national security  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvZTQzM2RjYTAtMzViZC00OWZhLTllNzMtZTgxMWRkZDRjMjliLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ebd806f>The United States Treasury Department released three publications related to digital assets Friday, in response to U.S. President Joe Biden\u2019s Executive rder \u201cEnsuring Responsible Development of Digital Assets.\u201d One of them focuses specifically on crypto assets, and a shorter action plan looks at countering illicit finance risks.\u00a0<\/p>\n<p>The discussion of crypto assets in \u201cCrypto-Assets: Implications for Consumers, Investors, and Businesses\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/home.treasury.gov\/system\/files\/136\/CryptoAsset_EO5.pdf\">takes<\/a> a cynical tone from the beginning, with the introductory paragraphs of the report stating:<\/p>\n<blockquote><p>\u201cThe potential for blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> to transform the provision of financial services, as espoused by developers and proponents, has yet to materialize.\u201d <\/p><\/blockquote>\n<p>About half of the report is a de<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">script<\/a>ive survey of crypto assets, after which the authors turn to the risks they pose to users. It divides risks into three categories, the first of which is conduct risks, that is, practices within the ecosystem. The report alleges that losses from cryptocurrency fraud skyrocketed in 2021 and are on course to overtake that record this year. It also identifies transparency issues of various kinds.<\/p>\n<p>Operational risks, which include \u201cdeficiencies in information systems or internal processes, human errors, governance and management failures, or disruptions from external events\u201d are given detailed consideration. Closely related but separately discussed are crypto-asset inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tion risks, which are the same risks investors face in traditional markets, such as volatility and custody issues, but form a \u201cunique landscape\u201d due to the nature of crypto. <\/p>\n<p>Potentially the most valuable section of the report is a lengthy discussion of the opportunities and risks that crypto assets pose for vulnerable populations. This is especially so due to the extensive statistical information in the section. <\/p>\n<p>The report makes three recommendations: vigilant monitoring, with increased enforcement, interagency cooperation and information sharing; that agencies produce more guidance and rules, and for greater educational outreach.<\/p>\n<p><strong><em>Related: Information, AML\/CFT steps are key to fighting international digital crime, DOJ report says<\/em><\/strong><\/p>\n<p>The \u201cAction Plan to Address Illicit Financing Risks of Digital Assets\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Digital-Asset-Action-Plan.pdf\">approaches<\/a> digital assets from the perspective of national security. It recommends seven priority actions that mainly encompass monitoring and enforcement efforts domestically and internationally. <\/p>\n<p>It also recommends updating Bank Secrecy Act regulations and increased engagement with the private sector through \u201cthe publication of official documents, discussions, and Treasury programs that enable public\u2010private and private\u2010private information sharing.\u201d <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/us-treasury-publishes-laundry-lists-of-crypto-risks-for-consumers-national-security\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; US Treasury publishes laundry lists of crypto risks for consumers, national security &#8220; The United States Treasury Department released three publications related to digital assets Friday, in response to U.S. President Joe Biden\u2019s Executive rder \u201cEnsuring Responsible Development of Digital Assets.\u201d One of them focuses specifically on crypto assets, and a shorter action plan&#8230;<\/p>\n","protected":false},"author":1,"featured_media":493607,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvZTQzM2RjYTAtMzViZC00OWZhLTllNzMtZTgxMWRkZDRjMjliLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[79786,70934],"class_list":["post-493606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-digital-asset","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/493606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=493606"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/493606\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/493607"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=493606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=493606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=493606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}